Thursday, July 5, 2018

UK court grants Indian banks access to Mallya’s properties near London

A UK High Court judge has issued an enforcement order in favour of a consortium of 13 Indian banks, seeking to recover funds owed to them by the beleaguered liquor baron Vijay Mallya who is fighting extradition to India on the charges of fraud and money laundering worth nearly Rs 9,000 crore.

The order grants permission to the UK High Court enforcement officer to enter the 62-year-old tycoon’s properties in Hertfordshire, near London.

It permits the officer and his agents to enter Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based. However, it is not an instruction to enter, which means the banks have the option to use the order as one of the means to recover estimated funds of around 1.145 billion pounds.

“The High Court enforcement officer, including any enforcement agents acting under his authority, may enter Ladywalk, Queen Hoo Lane, Tewin, Welwyn... and Bramble Lodge, Queen Hoo Lane, Tewin, Welwyn, including all outbuildings of Ladywalk and Bramble Lodge to search for and take control of goods belonging to the First Defendant (Mallya),’’ notes the order by Justice Byran, dated June 26.

“The High Court enforcement officer, including any enforcement agent acting under his authority, may use reasonable force to enter the property if necessary,’’ it states.